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NEER Firms, USD/SGD Consolidating Below 20-Day EMA

SGD

The SGD NEER (per Goldman Sachs estimates) firmed and now sits above its pre MAS levels from mid April. We now sit ~0.6% below the top of the band.

  • USD/SGD firmed yesterday after printing its lowest level since the April MAS meeting, however resistance was seen above $1.3280 and we now slight a touch below Tuesdays closing levels.
  • The pair has continued to tick away from its 20-Day EMA ($1.3308) after breaking below the measure last week, bears first target the low from 14 April at $1.3204. Bulls look to target high from March 10 at $1.3576.
  • Looking ahead the data calendar is thin for the remainder of the week.

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